No one has a crystal ball, and of course, no one really knows what plans the banks have.

might check the floor above and check level and for cracks, I used a large steel ball bearing to check level, set it down gently and if it rolls, it's not level and will go to any dips.

Matthew Mucker I would encourage you to take a road trip and eye ball the property.

Yes, it is "crystal ball" looking, but so many signs in the economy point towards rates going lower than higher over the next 5-10 years.That being said, the best thing I have learned from this is to have a Balloon Payment, 3 years, 5 years, maybe 7 years, all negotiable.

Have the realtor to submit your offer to the bank, and if it is not a low-ball offer, you might get the bank to sell to you.

Don't feel like they need to choose you, the ball is in your court, you choose them.

If they want it, and they play ball, they'll seem much less shady by move-in.

So I think I'll probably get the ball rolling with a Pittsfield area one first to gauge interest, and if it doesn't pan out I can always move on East.

And don't be shy about low-balling REO's.  

Massachusetts is a fairly hot market now and some folks are still wasting time low balling competitive properties.